When this epic disaster film was not finished in time for its scheduled July 1997 release date, it sent shockwaves throughout Hollywood: studio execs began wondering if they might have another Heaven's Gate on their hands. The two releasing studios (20th Century Fox had the international distribution; Paramount Pictures had the U.S. rights) panicked. By the middle of 1997 Titanic had become the most costly film ever made (its reported cost hovered in the $200 million range) and the bills were still coming in. When director James Cameron finally delivered the film to Paramount, it ran over 3 hours and it was anyone's guess whether he would ever work in Hollywood again. But Cameron stood his ground and threatened edit-happy studio executives with the message: "You will cut my film over my dead body."

Moved to a crowded release date of December 19, 1997, the film opened with little promotion, but brought in a respectable $US28 million in ticket sales for the weekend. Within a week the gross tripled. By New Year's Day, the film had hit $US100 million and showed no sign of slowing down. It held a virtual lock on first place at the box office for nearly four months and would become the highest grossing film of all-time with more than $US1.6 billion in ticket sales worldwide. Now the studio executives claim they knew all along the film would be big.

. In his home town of Dalbeattie in Scotland there is a memorial to his heroism and a charitable prize has been established in his name. In the film he is portrayed as taking a bribe, shooting passengers dead and finally shooting himself. 20th Century Fox admitted they had no evidence that Murdoch did these things and contributed $8,000 to the prize fund. Another aspect of the film, the way in which the third class passengers were completely fenced in below decks, is also misleading.